The legacy of love blog

Joint Tenants VS Tenants In Common – What’s the difference?

land titles property Jan 19, 2018

Have you made sure that your spouse is the beneficiary on all your investments and life insurance policies? What about your house, car and RV trailers?

Several times a year, our office is hired to Probate a Will because a spouse has passed away and it wasn’t until after the death that the surviving spouse realized everything was not jointly owned. This can be a heartbreaking situation, especially when the couple has been together for many decades and no one thought to check the...

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How long does probate take in Alberta?

probate will Jan 07, 2018

One of the most common questions we are asked is “How long does Probate take?”

To “Probate a will” means to have the court declare that the document was the deceased’s last will and that the Executor has authority to act on closing the estate.

An Application For Probate involves outlining the deceased’s assets and debts so that Banks and Alberta Land Titles can transfer those assets to the appropriate beneficiaries.  The law legislates that you must...

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How do I make sure my daughter’s husband does not receive any of my Estate after I die?

trust will Dec 29, 2017

This sounds harsh but to be honest, we have clients ask us this all the time.

If your daughter inherits money and subsequently divorces her spouse, these funds are generally exempt from a matrimonial property division.

The problem occurs if your daughter inherits money and then uses these funds to pay-off the couple’s mortgage or to buy nice jewelry.  These items could become part of an expensive court application where the source of the funds is traced back to the inheritance....

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What are the rules for leaving children out of your will in Alberta?

will Dec 22, 2017

Have you considered leaving your child or one of your children out of the property distribution in your Will?  You are not alone.  Our office deals with this question on a regular basis.

Can you leave your child out of your Will?  This would depend in large part on whether the child is a minor or an adult child who can’t earn a living because of disability. In Alberta, the law states that you must support minor children in your Will. In addition to minor children you must...

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Can an Executor distribute the estate without a Clearance Certificate from the CRA?

estate executor Dec 16, 2017

A Clearance Certificate is a document that you receive from the Canada Revenue Agency that states that all the taxes owing on the estate have been paid.

The Executor should request this certificate to ensure that the estates taxes have been paid. The concern is that the Executor may distribute the estates property to the beneficiaries and then later discover that there are taxes owing. If taxes are found to be owing after the distribution, the Executor could be held personally liable for...

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Lending or gifting money and the implications on your Estate

will Dec 07, 2017

Sometimes our children or close family members run into a financial bind and need to borrow money. In many cases both the lender and the borrower assume that this money will be paid back quickly. But what happens if the person who is the lender, who is often an elderly parent, dies before the loan is repaid?

In my experience this is when the family feud begins.  The borrower will say this money was a gift to them and no repayment of this loan is required. The other...

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What to look for when you are reviewing your own Will

will Nov 22, 2017

Whenever we do presentations on Estate Planning in and around Edmonton, we always here the same question… ”how often should someone update their Will?”

There is no real answer to that question because everyone’s situation is different.  What we recommend is that that you  review your Will whenever there is a change in your life, such as the birth of a child, a large inheritance, or a diagnosis of a critical illness.

In addition, we recommend that a...

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Second marriages and mutual Wills

mutual will will Nov 15, 2017

My secretary came to me last week and was shocked by the story she had just been told on the phone. She said that an elderly gentleman had just called our office because he quite desperate for some legal advice

The man had lived common-law with his wife for 24 years. Three years ago his wife was diagnosed with dementia and last year for her own safety she had been placed in an extended care facility here in St Albert. The man stated that he was in charge under a Power of Attorney &...

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RESP and your Will

resp will Nov 08, 2017

RESP’s have become a cornerstone in most peoples plan for saving for their children or grandchildren’s education. More and more estates are having disagreements arise over larger sums in RESP’s because many subscribers ( also known as the person who created and contributes) to RESP’s are not taking the time to appoint a person to take over this role if they should pass away. This means that when the initial subscriber dies the RESP funds go into their estate rather...

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Should I appoint more than one of my children as my executor?

executor Oct 29, 2017

Your Executor/Executrix* is the person that carries out the provisions of your will and settles your estate. It’s not an easy job, and it requires a significant investment of time, emotions and resources. You may think that sharing this responsibility among your children will make things easier for them, but that is not the case.

An Executor has to make firm decisions, sign off on documents and provide input into often sensitive situations. Having to constantly chase another person to...

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